Since early February, global container spot rates have declined, signaling the end of strong pricing power seen in January, according to an analysis by Freightwaves.
While the rates have not gone through a sharp decrease, the declines are, however, an indication that high prices experienced in January are coming to an end.
The Drewry World Container Index – Global Composite fell by 6% from its Jan. 25 peak. The Freightos Baltic Daily Index – Global dropped slightly over 1% in the same period, the report added.
Ongoing conflicts in the Red Sea and extended routes around the Cape of Good Hope until April mean that the post-Lunar New Year recovery is crucial for future ocean container spot rates.
